The electric vehicle market is expected to expand at a compounded annual growth rate of 49 percent between 2021 and 2030, with the segment’s volumes set to surpass annual sales of 17 million by 2030, a new report said. This projected growth is expected to be driven by factors such as rising fuel prices, entry of new players, advancement in EV technology, continued subsidy support from both the central and state governments, as well as anticipated implementation of emission standards, the India Energy Storage Alliance (IESA) said in its report.
The EV industry in India experienced one of the quickest recoveries from the pandemic-induced slowdown in 2020, the report observed, noting that the electric two-wheeler segment, accounted for 50 per cent of the total over 4.67 lakh EV sales in the domestic market, followed by the low-speed e-three-wheelers in 2021.
